Evolution Group, whose UK-based wealth manager
Williams de Broe bought a regional private investment management
business of BNP Paribas Wealth Management earlier this month, has
revealed a second bidder for its entire operation.
Canada’s Canaccord Financial has expressed
interest in acquiring Evolution.
Go deeper with GlobalData
Canaccord’s move comes after South-Africa’s
investment firm Investec commenced talks with Evolution on 4
August.
Canaccord targets growth in wealth
management
Media reports suggest that the Canadian
financial services firm is implementing its acquisitions-driven
strategy in a bid to expand Canaccord WealthManagement abroad.
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Thank you!
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form
By GlobalDataAs a result of Canaccord’s interest,
Evolution’s shares on the London Stock Exchange increased more than
11% on Tuesday, before dropping 4% by midday on Wednesday.
Canaccord’s interest is
subject to a number of pre-conditions including, among others,
obtaining a unanimous recommendation from the Evolution board and
the satisfactory completion of due diligence, the firm said in a
statement.
The Canadian firm also reserves the right to waive any
or all of its pre-conditions.
Small AuM base
Canaccord released its first quarter results for the
2012 fiscal year on 3 August.
Canaccord Wealth Management’s assets under management
stood at $575m, while its assets under administration reached
$15.7bn as at the end of the first fiscal year quarter.
